BBMG completes purchase of assets, China

BBMG completes purchase of assets, China
Published: 02 June 2011

BBMG Corporation completed the purchase of CNY2.65bn (US$408.8m) worth of assets from its parent, BBMG, according to a company filing.

The target assets include Tianjin Jinzhu Concrete, Beijing Eco-island Science and Technology, Beijing Yaxin Special Building Material, Beijing Longshuncheng Chinese Furnishings, Beijing Yanshan Cement, Beijing Building Decoration, a 33.88 per cent stake in Beijing Cement Factory, and a 67.5 per cent stake in Jacuzzi Brands (Beijing) Building Materials, among others.

BBMG went public on the A share market in March through the offering of 410 million new shares and the absorption of Taihang Cement.

BBMG had reported 47 per cent and 90 per cent YoY increases in first quarter 2011 revenue and net profit attributable to shareholders to CNY5.2bn and CNY438m, with earnings per share of CNY0.11.